A teaser is a type of parlay bet in which you alter the spreads or totals for a better chance of winning.
On the surface, a teaser bet looks like one of the easier bets you can make since you can move the numbers in your favor. However, they are called teasers for a reason.
For example, in a teaser, you can move the spread six points for two different bets in a parlay. If the Giants are a +7 point underdog, they are now at +13. If the Saints are a -3 point favorite, they are now a +3 point underdog. Of course, the payout is less in a teaser because you're moving the points in your favor. If you parlayed those two teams without the extra six points, odds would be closer to +260, but in the teaser, they drop to around -110.
As its name suggests, it's a popular method to add numerous plays in a teaser bet to get those odds back up for a bigger payout. If you have put five teams into a six-point teaser instead of two teams, the odds would jump to about +520.
Teasers are often limited to certain sports like football and basketball because it's a little different moving the score one or two runs in baseball or one or two goals in soccer. Also of note, a lot of sportsbooks don't accept teasers, so that's something to figure out before compiling your bets. That's especially the case in states where sports betting was recently legalized as a lot of places won't immediately allow teasers until they get regulations settled.